CA FUND UPDATE

Let’s start with a nice broken record, just as we began last quarter’s fund update. The strong performance of the Campus Advantage Student Housing (CASH) Fund continues. The Stretch at the University of Kentucky is projected to achieve 13.3% rent growth for the fall 2023 academic year and is 59.7% pre-leased, 16.1% ahead of this time last year.

The seed assets at the University of Florida (Lyons Corner Apartments and Lyons Corner Townhomes) are projected to achieve 6% rent growth on top of 5.9% the prior year. Pre-leasing is at a combined 85.5%, 6.6% ahead of this time last year.

We have been very impressed with the strength of the market at UK as the freshman class grew 30% from fall 2021 to fall 2022. The UF market does have a good bit of supply coming, but the market has surprised us with its resilience, and we believe our modest-sized, well-located properties will be better able to thrive than most in the face of new supply.

Many markets leased up so fast for fall 2023 that we see at least one more year of outsized rent growth before a likely tapering off to perhaps more historical levels.

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